All Forum Posts by: Steven Tierney

@Joshua Houchins  Hi - the lot is not landlocked, it has less frontage than the required amount and the setback requirements in the zoning district when offset from the property line leave no buildable area.

@Donald Morrison Thanks for the suggestion regarding past history/use, I'm going to look into that.  For now, I'm learning a lot digging around on the County Registry myself, if I can't figure something out I'll definitely reach out - thanks!

@Matt Devincenzo Wow, thanks very much for the thorough explanation.  BTW, I work with a dozen or so site devleopment civil engineers in my office on a daily basis - a good bunch of people!

If I find anything else out, or if not, I'll post again...

@Shaun Reilly  I had thought of more general versions of your scenarios (being a newbie and all), but I thought I was being a little crazy... I like it!

@Donald Morrison Hi, as far as I know, there is not.  All I've been able to find out is that the original deed to the owner 2 sales ago was for 2 parcels, and the current owner's deed was for 1 parcel.  The other parcel is still registered under the previous owner's name with the assessor's office.  Where would I dig up easements if there were any?  They'd have to be recorded somewhere, right?

@Kevin Page   Hello, as of right now I don't have any plans or anything, they're not available as public records online, even though just about everything else is...  I suppose I could go to the registry and try to dig up the lot plans.  I have lot ID #'s from the town assessor and can get Deed Book/Page #'s from the County Registry - do either of these help?  I'd prefer to PM them to you at this point in time if you can help!

Also, I should have mentioned, in case it's relevant, that this vacant property was served an instrument of taking by the town at one point in time (in MA this can happen apparently if the land has a value under a certain amount) before it was later granted a certificate of redemption when the owner finally paid their taxes and penalties a year later.  To me that shows that they had "lost track" of the property.

Thanks @Micki M. , will do once I feel good about it!

Also, I should probably have a home inspector I work with that I trust, right?  Does anybody have a recommendation for one in my area (South of Boston &/or South Shore)?

I've used 3 different inspection companies in the past when making offers on REO properties, I really wasn't impressed with any of them... Maybe that's normal?

(I apologize in advance for the long post)

Some background:

I'm interested in a property as a rehab project located in a seaside town here in Massachusetts.  The average lot size as you get closer to the water is greatly reduced compared to the rest of the town, however property values remain high due to the proximity to the ocean.  The current owner of the home only bought the parcel of land which the home sits on, and not the adjacent vacant ( and "undevelopable" as classified by the town due to not meeting zoning requirements) parcel of land that the previous owner also owned in conjunction with the house parcel.  Each parcel is approximately 1/8 of an acre, however, the undevelopable parcel has a significantly lower assessed value due to its classification.  The vacant lot is basically used as if it was part of the lot with the home on it (driveway on vacant lot), but in fact the owners are different, and legally that isn't allowed.   

Here are my questions:

Should I reach out to the owner of the vacant lot (who lives in Florida full time) and see if they'd be interested in selling it (I honestly don't know what purpose it serves for them)? If they are interested, should I buy that vacant parcel, and if/when I get into the rehab property, sell both parcels together on MLS as part of the house rehab deal? Combined both parcels would only be about 1/4 of an acre, but I'd be doubling the lot size in a tight part of town, and could legally market the property on MLS as having a decent size side yard to potential buyers.

If you don't hate me already for the long post, please keep reading:

If the little vacant parcel is assessed by the town at "X" and it serves no purpose as an undevelopable lot to the current out of state owner, what % of X do you think I should offer them for it? Let's say I proceed with this, should I generally consider this part of my rehab costs? How would I adjust my estimated ARV due to the addition of this parcel to the deal? Lastly, let's say I don't get the extra lot... it's always been "used" as if it were part of the house lot... What would you do?? I'm worried the people from Florida might decide to use it one day as a place to park their RV, or go camping or something weird...

You guys are great, Let me know what you think, much appreciated!

And let me know if this should be posted elsewhere on here!

Hi @Brian Ortins , I've been working on my business plan for the past few weeks,  I'm not going to lie, I've started by using J Scott's free plan as an outline, it's been very helpful!  I've primarily been researching topics to learn more about, and have started networking here on BP to fill in the blanks.  My 2015 goal is pretty simple - get my feet wet by rehabbing at least 1 home here South of Boston, and learn a lot in the process.  For the next 6 months, I'll primarily be looking in Canton, Sharon, Foxboro, Mansfield and Easton.  After we relocate to the South Shore, we'll be looking for networking and team building opportunities there.

Hi Everybody,

I’m looking to build a team for rehabbing SFRs in the area South of Boston, MA for the next 6 months, and then after that I’ll be moving my (currently non-existent) operation to the South Shore of Massachusetts for the long-term.  I thought while we’re waiting for the right primary residence opportunity to come along, and we have some funds available, now is the time to start our Real Estate investing side business.  I know you’re only as good as the team around you, so I thought it’d be good to get recommendations from the folks here on BP.  I’m currently in search of the following members for my team:

General Contractor for SFR rehabs (see below for list of towns)
HomeStyle (or other traditional renovation loan) Specialist
REI friendly CPA
REI friendly Attorney and/or Title Company
+ Anybody else you think makes sense

The closest REIA meeting to me is in Rockland or Taunton, and I'm planning to get to one of them soon as I'm sure it's a great place to meet people and fill in this list.

Thanks in advance for any feedback.
-Steve

Interesting, I'd like to know more too!

Hi @Christopher Johanson @Taylor Grabus , I just wanted to add my .02 - A friend of mine at work made out really well with a 2 family property in Salem, MA. Salem State University has recently been revamped. It might be similar in Worcester considering the $ Massachusetts is putting into Worcester State U. My friend got into the 2 family home (yes, an older property) as an owner occupied, but because of the adjacent university, has never had a problem renting out the other unit, and actually rents at a premium because of the demand. He purchased using an FHA 203k rehab loan, total investment w/improvements was under $300k. I've read (and friend confirmed) that doing a 203k can be a rather intense, drawn out, and at times a frustrating process, but if you're willing to put in the time, stay organized financially, follow the rules for inspections/contractor draws, it can work out really well... or so I've heard at least. Thought this might help, there's a lot of info on BP about 203k's.

@Mike Hurney 

I know, I know...  "It was supposed to be our forever house"... Or so we thought back before our daughter was born...  Funny how priorities change.  It was only on the market for 6 days, so we didn't have time to find a new place.  Hitting the "reset" button has been kind of nice though, and it opened my eyes to the world of Real Estate Investing!